Automotive Repair & Maintenance Services Market to Exceed US$ 1,850 Billion by the Year 2033 Increasing Vehicle Ownership

According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion. The market presents significant market opportunities for key players due to the growing trend of vehicle customization, higher disposable income levels, and increasing automotive safety regulations. Additionally, the demand for technologically advanced features further enhances the market potential for these players.

Key Takeaways

  • United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
  • The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
  • By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
  • The market in India is expected to grow with a CAGR of 7% throughout the forecast period.

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Rising car sales and increased use of vehicle diagnostic equipment are expected to fuel market expansion. It is anticipated that during the forecasted period, an increase in small-business owners and the frequency of mergers and acquisitions among significant corporations would create opportunities for market expansion.

In order to conduct effective automobile inspections and expand their clientele, auto repair companies are increasingly implementing automated vehicle inspection technologies based on artificial intelligence. The collaboration between Microsoft’s Azure cloud computing and American IT company Scope Technology in February 2022 is a noteworthy example. The objective of this partnership is to develop AI-automated car inspection technology that enables visual assessments in less than 5 minutes, which is expected to result in a significant cost saving of 50%.

Increased use of electric vehicles is anticipated to fuel market expansion. Government programmes and assistance targeted at enhancing environmental quality and lowering reliance on crude oil should be credited for this increased adoption of electric vehicles. The market is expected to grow even more as it is predicted that battery electric car repair and maintenance costs will be roughly 40% lower than those of internal combustion engine automobiles.

“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.

The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.

Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.

  • On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
  • In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.’s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
  • In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.

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More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global automotive repair & maintenance services market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the automotive repair & maintenance services market, the report is segmented by services & parts (engine oil, gear oil, brake oil, grease, tires, batteries, wear & tear parts, air filter, cabin filter, oil filter, wiper blades, and others), vehicle type (passenger car, LCV, and HCV), and service providers (automotive dealerships, franchise general repairs, specialty shops, locally owned repair shops, tire shops and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

Key Segments Profiled in the Automotive Repair & Maintenance Services Industry Survey

By Services & Parts

  • Engine Oil
  • Gear Oil
  • Brake Oil
  • Grease
  • Tires
  • Batteries
  • Wear & Tear Parts
  • Air Filter
  • Cabin Filter
  • Oil Filter
  • Wiper Blades
  • Others

By Service Providers

  • Automobile Dealerships
  • Franchise General Repairs
  • Specialty Shops
  • Locally Owned Repair Shops
  • Tire Shops
  • Others

By Vehicle Type

  • Passenger Cars
  • LCV
  • HCV

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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